Nippon Steel has completed its long-sought and controversial takeover of US Steel, after agreeing to yield unusual control to the U.S. government. 

The $14.9 billion purchase of the smaller American company by a Japanese one will create one of the world's biggest steelmakers, and turns Nippon into a major player in the U.S., reports BBC News.

The deal, which was seen as a lifesaver for the struggling, 124-year-old company, ran into trouble during the 2024 presidential election, when U.S. President Donald Trump and his Democratic opponents said they were concerned about the foreign acquisition of one of the last major steel producers in the U.S. But Trump later reversed his stance, after Nippon made concessions that the President said had satisfied his national security concerns.

He gave the official green light to the deal in an executive order on June 13.

Nippon granted the U.S. government a "golden share" in the company, giving the government say over key decisions, including the transfer of jobs or production outside of the U.S., and certain calls to close or idle factories.